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The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

Byju's Founder <keyword id="1702989" type="General" weightage="100" keywordseo="Byju-Raveendran" source="Orion">Byju Raveendran</keyword>'s plea against the insolvency of <keyword id="19901241" type="General" weightage="20" keywordseo="Think-Learn" source="keywords">Think &amp; Learn</keyword> before the NCLAT was adjourned on Monday, as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by <keyword id="19916403" type="General" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal" source="keywords" meta.keywordsubtype="org" meta.entityname="National Company Law Appellate Tribunal" meta.hostid="345" meta.entityid="National Company Law Appellate Tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against Think &amp; Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (<keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="345" meta.entityid="BCCI">BCCI</keyword>) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take this up," said Sharma. The Bengaluru bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think &amp; Learn -- once India's most valuable startup worth an estimated $22 billion. NCLT has suspended the board of Think &amp; Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm. Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court. The high court had, on July 26 deferred Raveendran's plea to July 30. At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

The <keyword id="6354457" type="General" weightage="20" keywordseo="National-Company-Law-Tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="20" keywordseo="NCLT" source="Orion">NCLT</keyword>) on Thursday reserved its order on crisis-hit <keyword id="34984" type="General" weightage="20" keywordseo="airline" source="Orion">airline</keyword> <keyword id="11252024" type="General" weightage="20" keywordseo="Go-First" source="Orion">Go First</keyword>'s plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them. Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (<keyword id="192838" type="General" weightage="20" keywordseo="IBC" source="Orion">IBC</keyword>) is to ensure that a company is a going concern and not ground it. Cash-strapped Go First has cancelled flights till May 9. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-electric-ather-to-refund-charger-cost-to-e-scooter-buyers/articleshow/99988313.cms">Ola Electric, Ather to refund charger cost to e-scooter buyers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-sale-available-on-kindle-echo-speakers-and-fire-tv-sticks/articleshow/99987706.cms">Amazon Summer Sale 2023: Big discounts on Kindle, Echo speakers and Fire TV Stick</a>

NCLT reserves order on Go First's plea for insolvency resolution proceedings

The <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> variant of the SARS-CoV-2 virus may have been transmitted from an animal species to humans, according to a study. The research, published recently in the journal Proceedings of the National Academy of Sciences, provides new insights into the evolutionary origins of Omicron. An essential step in coronavirus infection occurs when spike protein, which helps the virus to infect the cells, binds to the host's receptor. After establishing consistent infections in the host, the spike protein becomes adapted to the host's receptor. The researchers carried out a detailed structural biology analysis of the SARS-CoV-2 Omicron variant. They identified several mutations in the Omicron spike protein that were uniquely adapted to the mouse receptor and incompatible with the human receptor. This suggests the Omicron variant might not have originated from humans directly and instead may have been transmitted from other animal species to humans, according to the researchers. "These Omicron mutations are evolutionary traces left by the virus during its transmission from one animal species to another, said study lead author <keyword id="15309468" type="General" weightage="50" keywordseo="fang-li" source="Orion">Fang Li</keyword>, from the <keyword id="199850" type="General" weightage="50" keywordseo="university-of-minnesota" source="Orion">University of Minnesota</keyword> in the US."Our detailed structural biology approach has successfully recovered these subtle yet unique evolutionary traces," Li said. The researchers noted that the COVID-19 virus is capable of infecting many animal species -- which is one of the main reasons why variants keep emerging. These findings also suggest that epidemic surveillance of rodents may be important for stopping new COVID-19 variants from emerging in the future, they said."Animal to human transmission of coronaviruses will likely continue to threaten global health. It has been suggested that all coronaviruses circulating in humans came from animals," said Li. "I am working with my colleagues to address current and potential future coronavirus pandemics by developing therapeutics targeting both human coronaviruses and animal coronaviruses," the scientist added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-stay-safe-from-chinese-scammers-and-hackers/articleshow/94980818.cms">Here’s how to stay safe from Chinese scammers releasing malicious Diwali-themed campaigns targeting Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/only-10-of-sewage-water-is-being-treated-before-being-dumped-in-gomti-river-says-minister-of-state-for-health-mayankeshwar-sharan-singh/articleshow/94978401.cms">Only 10% of sewage water is being treated before being dumped in Gomti river, says Minister of State for health Mayankeshwar Sharan Singh</a>

Omicron variant may have been transmitted from animals to humans: study

New Delhi, Feb 27 () The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Professional (IRP) appointed by NCLT to handover the records and assets of the company back to its promoter immediately. Earlier, on October 24, 2019, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart. "We set aside the impugned order dated October 24, 2019 passed by the adjudicating authority (NCLT) and the application filed under Section 9 by the operational creditor Cloudwalker Streaming Technologies Pvt Ltd, company petition is rejected," said NCLAT. It further said: "The Flipkart India Pvt Ltd (corporate debtor) is released from the corporate insolvency resolution process." NCLAT order came over a petition filed by Neeraj Jain, Director of Flipkart India Private Ltd. "Interim resolution professional will handover the records and assets of the corporate debtor to the promoter immediately, who will manage the corporate debtor," it added on its order passed on February 24. Flipkart's operational creditor Cloudwalker Streaming Technologies, which used to supply the e-commerce major imported LED TVs, had filed a petition before NCLT contending that Flipkart defaulted for an amount of Rs 26.95 crore. However, it was rejected by NCLAT saying that the demand notice delivered under Section 8(1) of the Insolvency &amp; Bankruptcy Code (IBC) was "not proper and was also incomplete". "The operational creditor failed to submit any documents to prove in existence of the operational debt and the amount in default," the appellate tribunal said observing that Cloudwalker Streaming Technologies also failed to submit the copy of invoices and copies of all the documents referred in the application. Cloudwalker Streaming Technologies had contended that Flipkart contacted it in selling its product of LED TVs and entered into a supply agreement on December 29, 2016. As per the agreement, it would receive the purchase order, after which it will import and procure the required quantities of LED TVs and deliver the same to Flipkart at its desired location. According to the operational creditor, Flipkart received delivery of the first few batches but after that it avoided taking delivery of the LED TVs on the ground of lack of warehouse space. It further submitted that later, Flipkart started delaying the collection of the LED TVs, and in some instances did not collect them at all. In an attempt to gain more profit out of the goods ordered, Flipkart was putting pressure on Cloudwalker Streaming Technologies to offer the already imported and warehoused LED TVs, at a discounted price. Later, the operational creditor demanded payment of the LED TVs procured and imported from October 11, 2017 to December 1, 2017, based on the import and the purchase order issued by Flipkart, which failed to collect more than 70 per cent of the stock as ordered by them till March 2018. It issued a demand notice on June 8, 2019. This was rejected by Flipkart, saying that there was no admitted debt or liability and an amount of Rs 85.57 crore was paid. Challenging the order of NCLT, Flipkart contended that the order was passed without appreciating the fact that Cloudwalker Streaming has not produced any documentary evidence as purchase orders, acceptance letters, invoices and proof of any intimation of sale to the end customers or any post-delivery services with specific reference to the amounts. Moreover, claim for damages cannot amount to an operational debt under IBC and hence it can not be treated to have committed default, contended Flipkart. Consenting to submissions of Flipkart, NCLAT said: "The operational creditor has failed to submit the relevant documents under which the debt has become due." On August 18, 2018 US retail major Walmart had completed acquisition of 77 per cent stake in Flipkart for about USD 16 billion, a deal which gave the US retailer access to the Indian e-commerce market. KRH DRR

NCLAT sets asides insolvency proceedings against Flipkart

The outbreak of <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword> and the suspension of new proceedings under the Insolvency and Bankruptcy Code (<keyword id="192838" type="COMPANY" weightage="20" keywordseo="IBC">IBC</keyword>) is expected to result in significantly lower realisations, by 30-40 per cent for the financial creditors in FY20-21 and pose new challenges. Ratings agency, <keyword id="6354972" type="DOMAIN" weightage="20" keywordseo="icra">ICRA</keyword> expects the resolution of corporate insolvency resolution proceedings (CIRPs) would be impacted during FY2021 due to a decline in the number of CIRPs yielding a resolution plan as well as an increase in haircuts that lenders would have to take. The financial creditors could realise about Rs 600 - 700 billion in FY2021 through successful resolution plans from the IBC as compared to about Rs 1,000 billion realised in FY2020. On the other hand, says ICRA, suspension of fresh insolvency proceedings for a period of one year would ensure relief for the companies that are severely impacted by the Covid-19 pandemic and are unable to meet payments to their creditors. Realisations for financial creditors in FY2022 could be even lower due to the suspension of fresh insolvency proceedings for one-year period, it said. In the current fiscal, successful resolution of a large housing finance company is going to be the key determinant of the extent of amount the financial creditors would realise during the year. The ratings agency further notes that realisations from resolution plans could further suffer in FY2022 as fresh insolvency proceedings have been suspended for one-year period. New insolvency proceedings initiated in FY2022 are unlikely to get resolved in the same fiscal, given the typical average time period seen for CIRPs to conclude with a resolution plan is quite high. Commenting on the lower realisations from IBC, Abhishek Dafria, Vice President, ICRA, says, "The pandemic has thrown up new operational challenges for the various parties involved in a resolution process, this could result in limited cases yielding a resolution plan, especially in Q1 FY2021". "In the current environment, the on-going and even future CIRPs are likely to suffer from lower valuations and possible lesser interest from bidders due to the uncertainty across many sectors. This in turn may result in creditors having to agree on higher haircuts," he added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gvk-group-announces-salary-cuts-up-to-30-from-may-amid-coronavirus-pandemic/articleshow/76188350.cms">GVK Group announces salary cuts up to 30% from May amid coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/zoomcar-ceo-says-people-wont-book-uber-or-ola-and-wont-buy-cars-soon/articleshow/76188254.cms">Zoomcar CEO is betting on people not taking Uber and Ola⁠— and not buying cars in a hurry</a> <a href="https://www.businessinsider.in/defense/news/china-responds-to-prime-minister-narendra-modi-and-us-president-donald-trump-conversation/articleshow/76188158.cms">China responds to Modi-Trump conversation — ‘there is no need for any third party to intervene’</a>

Coronavirus will hit IBC realisations by 30-40% as government suspends new proceedings

<ul><li>The National Company Law Tribunal has initiated insolvency proceedings against Walmart-owned <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>.</li><li>The <keyword id="6371973" type="UNKNOWN" weightage="20" keywordseo="karnataka-high-court">Karnataka High Court</keyword> has stayed the order. </li><li>The insolvency proceedings against Flipkart were started by Cloudwalker Streaming Technologies, which supplies LED TVs to the e-commerce company.</li></ul>Indian e-commerce giant Flipkart is in trouble. The National Company Law Tribunal has initiated <a href="https://www.businesstoday.in/current/corporate/flipkart-faces-insolvency-litigation-for-rs-27-crore-default-gets-a-stay/story/388774.html">insolvency proceedings </a>against Walmart-owned Flipkart. However, the Karnataka High Court has stayed the order. “Karnataka High Court has stayed the order of the NCLT in favour of Flipkart. This is an ongoing commercial litigation which we are challenging. At this stage, we have no further comments.” said a Flipkart spokesperson The insolvency proceedings against Flipkart were started by Cloudwalker Streaming Technologies, which supplies LED TVs to the e-commerce company. According to reports that have accessed the NCLT document, the <a href="https://www.businesstoday.in/current/corporate/flipkart-faces-insolvency-litigation-for-rs-27-crore-default-gets-a-stay/story/388774.html">LED TV supplier</a> has claimed that Flipkart had placed an order for TVs to the tune of ₹103 crores, while it paid just ₹85 crore. However, the proceedings come under the public radar on the same day as Flipkart announced that it will be launching Nokia’s smart TV. The company added that it will also facilitate domestic manufacturing and end-to-end sales of the Nokia branded Smart TVs to help create <a href="https://www.businessinsider.in/tech/news/flipkarts-made-in-india-nokia-smart-tvs-will-have-to-face-off-against-oneplus-xiaomi-samsung-and-huawei/articleshow/71935855.cms">thousands of new jobs.</a> Business Insider India has written to Flipkart for its comments. Meanwhile, e-commerce companies like Flipkart and Amazon have been at the receiving end of the traders’ ire lately. Recently, the Confederation of All India Traders (CAIT) also said that it will be launching a nation wide movement against Flipkart Amazon. "Both Amazon and Flipkart still continue to sell goods on their portal at predatory pricing, deep discounting, controlling inventory, promoting preferential sellers and influencing prices,” said the CAIT according to <a href="https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/traders-body-cait-to-launch-nation-wide-movement-against-amazon-flipkart/71884449">reports</a>.

Flipkart is dragged to bankruptcy court the same day it introduces Nokia's smart TV

New Delhi, Jan 26 () Providing a major relief to Raheja Developers, the National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against the NCR-based real estate firm and handed over the management of the company back to its board of directors.
Earlier, on August 20 last year, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against the company over the plea filed by one of its flat buyers citing delay in the project and appointed an interim resolution professional.
Setting aside it, a three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya said that delay in the project was not because of the real estate firm but caused due to absence of clearance by the competent authorities, which was beyond its control and the NCLT "failed to appreciate the fact".
"If the delay is not due to the 'corporate debtor' but force majeure, it cannot be alleged that the 'Corporate Debtor' (Raheja) defaulted in delivering the possession," said the NCLAT.
The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".
The NCLAT said that Raheja Developers had offered possession of flats to the buyers but they wanted refund of the amount with more interest and refused to take the actual amount in terms of flat buyer's agreement.
"We have no other option but to set aside the impugned order dated August 20, 2019. The application preferred by 1st and 2nd respondents under Section 7 of the 'I&amp;B Code' is dismissed," said the NCLAT.
It further said: "The appellant 'corporate debtor' (Raheja Developers) is released from all the rigours of 'moratorium' and is allowed to function through its board of directors from immediate effect".
The NCLAT also directed the interim resolution professional, appointed by the NCLT for the resolution of the company to hand over the assets and records to the board of directors.
Appellate tribunal's order came over a petition filed by Navin Raheja, chairman cum managing director of the company, challenging the order of the NCLT.
Navin Raheja has also submitted a time-frame of completion of the project through an affidavit before the NCLAT on which it said: "We expect that the corporate debtor will stick to the time-frame given before this appellate tribunal.
The appellate tribunal also said that some intervention applications have been filed in this matter, but it is not taking it forward.
"It is to be noticed that there is intervention application filed by L&amp;T Infrastructure Finance Co and L&amp;T Finance and some other interveners, but we have not deliberated on their claim, as on merit we have allowed the appeal," it said.
Flat buyers are now treated as financial creditor of the company after recent amendments in the Insolvency &amp; Bankruptcy Code (IBC).
The matter is related to a residential project, Raheja Sampada developed by Raheja Developers, in which the original petitioners had booked flats.
Raheja Developers had issued a joint allotment letter on August 3, 2012 and executed a flat buyer's agreement. As per the agreement, possession was to be delivered within a period of 36 months, which was not fulfilled. The buyers had moved the NCLT claiming default.
According to the real estate firm, there was no default from its part as the handing of possession was subject to provisioning of the infrastructure by the government in the area and it has received the occupation certificate in 2016. KRH MKJ

NCLAT sets asides insolvency proceedings against Raheja Developers

New Delhi, Mar 7 () National Company Law Appellate Tribunal (NCLAT) Chairperson Justice S J Mukhopadhaya on Saturday said members of the tribunal as well as the NCLT need to reduce time taken for insolvency proceedings.He was speaking at a colloquium on 'Judicial Sensitisation on Insolvency Law and Associated Best Practices' here.Members of the NCLAT and the NCLT (National Company Law Tribunal) must cut the time period of insolvency proceedings and focus on quicker disposal of cases, Mukhopadhaya was quoted as saying in a release.Mukhopadhaya emphasised that there are only limited grounds to argue at the stage of admission and that the members of the NCLT should admit or dismiss the cases adhering to the prescribed time limits, as per the release.A case is admitted under the Insolvency and Bankruptcy Code (IBC) only after approval from the NCLT.The release was issued by the corporate affairs ministry. RAM MKJ

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Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

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NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

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Omicron variant may have been transmitted from animals to humans: study

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NCLAT sets asides insolvency proceedings against Flipkart

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Coronavirus will hit IBC realisations by 30-40% as government suspends new proceedings

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Flipkart is dragged to bankruptcy court the same day it introduces Nokia's smart TV

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NCLAT sets asides insolvency proceedings against Raheja Developers

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Time period for insolvency proceedings need to be reduced: NCLAT chairperson

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